Peoria Pere Marquette Marriott

Peoria Pere and Courtyard Hotels In Foreclosure

Feb 14, 2018
Daryl Scott / Peoria Public Radio

  Pere Marquette and Courtyard Hotels in downtown Peoria are in foreclosure. The hotel properties were placed in receivership Wednesday by the emergency order of Judge Kate Gorman.

 

Efforts to refinance fell through Tuesday when the finance company Yam withdrew from negotiations. The hotel will eventually be sold at sheriff’s auction. That is a fairly standard practice in such foreclosures.

Pere Marquette Hotel Heads Toward Foreclosure

Feb 14, 2018
Robert Lawton / CC BY-SA 2.5 / Wikimedia Commons

Pere Marquette and Courtyard Hotels in downtown Peoria are in foreclosure. The hotel properties were placed in receivership Wednesday by the emergency order of Judge Kate Gorman.

 

Efforts to refinance fell through Tuesday when the finance company Yam withdrew from negotiations. The hotel will eventually be sold at Sheriff’s auction. That is a fairly standard practice in such foreclosures.

 

But Peoria City Manager Patrick Urich says the hotel will stay open and operate under receivership for now.

More Financial Redemption for Peoria Pere and Courtyard

Jan 10, 2018

Action by the Peoria City Council last night will help keep the Hotel Pere Marquette open. Hotel owner Gary Matthews is behind in paying his lenders, which includes the city of Peoria.

The council approved a special service area (SSA) allowing the hotel to charge an additional four-percent sales tax on room nights. The tax will raise approximately $400,000 a year to help the city pay for bonds it issued to help restore the hotel.

More Financial Redemption for Peoria Pere and Courtyard

Jan 10, 2018

Action by the Peoria City Council last night will help keep the Hotel Pere Marquette open. Hotel owner Gary Matthews is behind in paying his lenders, which includes the city of Peoria.

The council approved a special service area (SSA) allowing the hotel to charge an additional four-percent sales tax on room nights. The tax will raise approximately $400,000 a year to help the city pay for bonds it issued to help restore the hotel.

The City of Peoria is making a bid to have the LST 325 dock on its Riverfront. Peoria Public Radio’s Tanya Koonce reports:

The Council voted seven to four to extend an invitation to the LST Board, committing 500-thousand dollars to the project and pledging to assemble the remaining financing if the ship makes the move. That could amount to more than a million dollars.

Tanya Koonce / WCBU

  The historic and renovated Peoria Marriott Pere Marquette hotel opened at 3:00. The hotel staff presses a button at that time, and Peoria’s so-called Grand Lady becomes part of Marriott’s world wide hotel and conference centers.